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Crypto analysis platform Santiment, based on on-chain data, has signaled a potential rally for an Ethereum (ETH) based altcoin, Illuvium (ILV).
Bullish Alert for Illuvium
Brian Quinlivan, Marketing Director at Santiment, stated that interoperable blockchain game Illuvium gave a potential bullish signal amidst a sharp rise in its on-chain transaction volume. Since July 2022, the largest whale transaction, totaling $14 million, occurred in the early hours of May 25th. According to Quinlivan, the increase in Illuvium’s on-chain transaction volume coincides with the potential bottoming of the token price of the interoperable blockchain game:
Illuvium has been falling rapidly since it rose above $106 in early February. Although it has now slipped below $47, there’s a concern that the supply on crypto exchanges has steadily increased since then, and is currently at 14.5%. You may notice the on-chain transaction volume for the ILV network rapidly increasing, as a result of this $14 million transaction, the highest in approximately the last 14 months. Considering it happened at what could be a reasonable price bottom, this could be a potential bullish signal.
At the time of writing this article, Illuvium is trading at $46.90.
“LDO, Signals Strong Uptrend”
Following Illuvium, Quinlivan turned his attention to popular altcoin project Lido DAO (LDO). He noted that the Ethereum-based liquid staking protocol, despite experiencing several large on-chain transactions this year, has a relatively low supply on exchanges for an altcoin:
Lido DAO witnessed a lot of activity on its network throughout 2023. However, this massive transfer from one self-custody wallet to another didn’t result in a significant increase in transaction volume. What we do know is that the supply of LDO on exchanges is slightly below 6%, which signals a relatively strong bullish indication for an altcoin.
LDO is trading at $2.01 at the time of writing.
